Make Harp 3.0 Happen

Advocating for The Expansion of the Home Affordable Refinance Program


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  1. Marcus:

    Love youe website BTW!

    Just an FYI..Sen. Markley bill(RAH) (as written) ONLY helps homeowners that have 250K debt or LESS on their homes. Maybe it will change?

    The NEW HARP bill(S249) says NOTHING about helping people with JUMBO LOANS..:(

    Perhaps that will change as well?

  2. Both bills haven’t had any movement since February 2014. I read that the Federal Home Finance Agency, (FHFA), does not require congressional approval in order to expand HARP.

    HARP 3.0 Update
    [113rd] H.R.736 : Responsible Homeowner Refinancing Act of 2013
    Sponsor: Rep Welch, Peter [VT] (introduced 2/14/2013) Cosponsors (19)
    Committees: House Financial Services
    Latest Major Action: 2/14/2013 Referred to House committee. Status: Referred to the House Committee on Financial Services.

    Latest Title: Responsible Homeowner Refinancing Act of 2013
    Sponsor: Sen Menendez, Robert [NJ] (introduced 2/7/2013) Cosponsors (23)
    Related Bills: H.R.736
    Latest Major Action: 2/7/2013 Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

  3. We need Harp 3. 3 times we have tried to refi and we can’t get it done. This last time because of values and foreclosures pur house did not meet appraisal . Just stinks. When do we get a break ? Still waiting. Just not fair. Out another 500 for bogus appraisal and another credit ding. We need to demand Obama finish the Harp promise.

  4. I am a mortgage broker. I have an acquaintance who works for Fannie Mae. I posed this question to him: Why can’t a second lien, such as a HELOC [home equity line of credit], be absorbed by a new 1st under the HARP program? His response:

    “From the perspective of protecting the interests of taxpayers, many second liens were funded and are presently owned by Wall Street and mega banks. As second liens, many originally funded at very high CLTV’s [combined loan-to-value]. These lenders knew they were taking on much higher risk in return for much higher interest rates. They made a bet that has not turned out so well. If these loans were paid off by HARP refinances, then Wall Street and the mega banks would have earned high yields on the second liens, and yet pass onto the taxpayers their future credit losses of these bad bets if their loans were paid off by a GSE [government sponsored enterprise] refinance. This would amount to a GSE/taxpayer bailout of the lenders who made these second liens, as the risk of these loans going forward would now be with the GSEs/taxpayers. The lenders who made the liens would have enjoyed the high interest rates during the life of the loans, then be paid off 100% for the risky investments they made, while all future HARP loans that default would have even greater losses to the taxpayers, since the GSE/taxpayer exposure on each new loan default would be higher. I agree that we have to find ways to improve the total picture for borrowers, so that their entire situation improves and they improve their ability to stay in their homes, which is our primary focus. A HARP loan will provide significant payment relief to most borrowers. It should seem fair that second lien holders should also consider taking some responsibility for doing the same. They should have the same motivation since they want to keep the borrower in the home, as they will likely lose their entire amount if a default occurs. Also, they earned much higher interest rates from day one, and they in some cases contributed to creating higher borrower defaults by reducing the borrower’s equity in their property, and increasing their total cost of their monthly housing payments. The reasoning behind having the GSEs not take over the risk of privately held second liens was intended to protect the American taxpayers from further losses.

    Your perspectives are very appreciated, as these issues are complex and interwoven, and it takes people raising their hands, asking questions, and providing ideas for improvement to create an end result that is fair and accomplishes the right objectives, which is to keep people from losing their homes and help create a recovery in the housing market.”

    As to non-GSEs following the same path as the GSEs (Fannie/Freddie) with respect to over-encumbered properties, that simply will not happen. Furthermore, the U.S. Government has no authority whatsoever to require that private investors take the level of risk that the GSEs [taxpayers] have done via HARP 1.0 and 2.0.

    Emperor Barack Obama has no executive authority whatsoever over non-GSE lenders. This website, therefore, is impotent.

    1. Cathy, I appreciate the information you relayed concerning second liens. That makes plenty of sense. It is absolutely disgusting that so many people in power and within the industry know this is an issue, feel it should be fixed, but still can’t come up with a workable solution after more than 5 years. Now in response to the rest of your comments…no where did I ever say President Obama could force a non-GSE lender to do anything. I don’t give a crap what your opinion of this website is, but you are more than welcome to continue leave comments and state your opinions here on any pertinent subject provided you do so in an appropriate matter. Every comment you have written on this site has been of a trollish and nasty nature. If you want make a comment with an opposing view point please do so without being a miserable c*nt.

  5. Harp 3.0 would benefit the middle-class, or what is left. If the economy needs a surge to jump start … which has not occurred, then a Harp 3.0 seemingly directed specifically at that middle-class could generate that catalyst. Spending keeps money flowing, less in mortgage premiums allows provides confidence and excess for spending.

    However, I am not sure that Wall Street wants a middle-class or money to flow; they seem to be doing quite well in chomping up what others had, and spitting out private investor opportunities. Too bad that current private investor gain is contrary to middle-class survival.

    If what LiberalFreeZone noted above is true,”we have to find ways to improve the total picture for borrowers, so that their entire situation improves and they improve their ability to stay in their homes, which is our primary focus,” then Wall St has no financial incentive to create packages to assist (nor to lobby Govt). Otherwise, Harp 3.0 would have happened by now.

    As they say, follow the money, look upstream at what the fisherman’s financial benefit would be to pull in the big one. If the gain isn’t there, then it’s an upstream battle all the way. I’m ready to rally…are YOU?!

    1. I’m ready my home cost 525k and is worth 420k and not looking good to come up in value. Can we get a petition for president Obama?

  6. I am in a unique but messed up situation. I owe $232,000 on my home. I owe $237,000 on home equity line of credit. My FICO is 680. I am self employed since 2001. My home is worth $2,000,000. I have had my share of bad economy hurt my credit and finances. I couldnt refinance in 2013 cause my loans to debts was to high. I scrapped and sold everything but my 2 properties and my home. SBA threatened foreclosure cause I was behind and I had to sell both properties. Got my credit score up fixed my Debt to Loan and now I don’t qualify because I have losses on those two properties that are reflected on tax returns and I don’t make enough money. Here is the kicker, I have $600,000 total debt including my home and equity line. I pay about $13,000 per month. If I was a Mae or Mac defunct prodigy I would qualify for harp and my pants would only be $3000 per month at worst. Thanks politians, Your vendetta on each other is killing me. Oh by the way two kids graduated from college and they can’t get Jobs due to bad economy. One from NY the other from Whittier College.

    1. I feel your pain because I lost my job of 26 yrs in 2011 and I started my own full-time business as a contractor. Being self employed has its ups and downs but I’m still ready to fight. We need a really good lawyer

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